KKR asks Fuji Delicate to file injunction towards Bain’s ‘breach of NDA’

By Anton Bridge

TOKYO (Reuters) -U.S. personal fairness fund KKR stated on Monday it has requested Fuji Delicate to make a court docket submitting to cease what it stated was Bain Capital’s violation of a non-disclosure settlement amid Bain and KKR’s acquisition battle for the software program maker.

In a letter to Fuji Delicate, KKR requested the Japanese firm to file an injunction to halt Bain Capital’s “continued breach of its non-disclosure settlement”.

KKR and Bain try to purchase Fuji Delicate in competing tender provide bids value as a lot as $2 billion.

The request by KKR ramps up the acrimony between two of the most important names in international personal fairness of their tug-of-war for Fuji Delicate.

Fuji Delicate and Bain declined to remark.

It’s notable that the contentious scramble is taking part in out in public in Japan – a market the place hostile bids have solely turn out to be extra widespread in recent times and the place most takeovers are nonetheless finished on a pleasant foundation.

New takeover tips launched by the business ministry to spur company takeovers have begun to take away the long-held stigma round unsolicited bids and inspired lenders to finance such proposals.

Fuji Delicate’s board has come out in assist of KKR’s decrease bid and demanded that Bain destroy the confidential info it compiled throughout due diligence, however Bain proceeded with its bid, now hostile, saying there was no cause for its larger provide to be rejected.

Bain has stated Fuji Delicate is disregarding the pursuits of shareholders and that it wished to proceed utilizing the knowledge to launch its tender provide. Fuji Delicate’s founding household has stated it helps Bain’s bid.